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Is charge creation necessary

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2015 One of my client has borrowed loan from the bank for purchasing a machinery and kept the same machinery as security to the bank. My question is Is there any necessary to create a charge in the company... that is to file the FORM CHG-1 ??
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Ankur Singhal

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Ankur Singhal (Expert)
18 December 2015 creation of charge is necessary.
You can yourself can get the charge registered or the bank may on your behalf get the charge registered and collect chrges from you.
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Amol S Joglekar

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Amol S Joglekar (Expert)
18 December 2015 yes. Creation of charge in favour of bank is necessary.



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Bala

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Bala (Expert)
19 December 2015 If your client is a company charge creation is must.
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2015 Thanku guys ☺
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 December 2015 You are most welcome.

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